We'd like to know when either path goes down so I'd want an alert. New to SRM so I'm not really sure how to first get the objects in the path identified, or once I do, how do I create an alert to do it?
I think you are better off with the alerting from VMware. Your ESXi host / vCenter would notify you when a path goes down (or of an All Path Down and an Permanent Device Loss):
VMware Knowledge Base